by Lydia Ludmila 
With a partnership arrangement with Coinbase, BlackRock is the most recent company to express interest in Bitcoin (BTC). The asset class has attracted the attention of institutional clients of the largest asset managers in the world, which is a significant step.
Clients of BlackRock will now have access to Coinbase’s cryptocurrency services in what might be historic cooperation. Despite worries about regulatory obstacles, the crypto community has universally embraced the Blackrock Coinbase alliance.
The largest asset manager in the world, according to assets under management (AUM), is BlackRock, with an astounding total of $10 trillion in AUM. Governments, central banks, and other institutions, among others, are among its numerous institutional clientele in different nations.
According to a statement, the collaboration will give institutional Aladdin customers of BlackRock access to Coinbase Prime’s capabilities. Clients of BlackRock will have access to a variety of Coinbase Prime services, including custody, cryptocurrency trading, and prime brokerage. The services are presently only available for Bitcoin (BTC), and their expansion to support additional digital assets will depend on how well they are adopted.
Why did Blackrock collaborate with Coinbase?
Blackrock aims to assist its clients in managing their assets more effectively, which is why it has partnered with Coinbase. Clients will be able to manage their Bitcoin holdings directly through Coinbase Prime thanks to the relationship. Blackrock stated that managing the operational lifecycle of crypto assets effectively would be its main priority.
Following the announcement, the crypto community reacted with great confidence. Blackrock’s foray into the cryptocurrency market is “a significant step forward for the industry in the long run,” according to Nick Mancini, host of a crypto markets show. He described the development as significant given the size of the assets Blackrock overseas on a worldwide scale.
